India’s Unemployment Problem
In the last few decades, Indian society has been roiled by soaring unemployment, particularly among the youth. India has a much higher number of young people as a proportion of total population, than most industrialized nations. While their economies are starved of workers, we have far too many young job seekers. Sadly, this demographic advantage has proved to be India’s bane.
Unemployment rate has reached the highest level in the last 45 years. Latest statistics say 7.6% of India’s 1.3billion citizens have no jobs. This is a staggering problem. Leaving it to simmer might lead to apocalyptic upheavals.
Generating employment can be done in three ways. Firstly, more labour-intensive industries like jute and textiles should be promoted. Secondly, farming must be made remunerative enough to retain the rural youth in agriculture. Thirdly, quality of education has to be improved so that colleges do not turn out ‘unemployable’ graduates. Such youth lack job-worthy skills.
All the above suggestions are implementable tasks, if the government musters enough political will. India has a lot of man power that can be exported to fill blue-coloured vacancies abroad. The government should work with countries requiring young workers, so that Indians can fill these vacancies.
Promotion of small businesses is an easy way to create jobs. Harassment by inspectors, and non-availability of bank finance stifles entrepreneurship. Unfortunately, loud pronouncements in this regard in the past have been matched with lukewarm action in the ground. Indians are known for their entrepreneurship, and so, it should be possible to generate jobs through small businesses.